Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced a bold hiring policy: it will not recruit any graduates or interns from the Massachusetts Institute of Technology (MIT) as long as the university continues its association with Gary Gensler, the former Chairman of the Securities and Exchange Commission (SEC).
Tyler Winklevoss, Gemini’s co-founder and CEO, made the declaration in a Jan. 30 post on X (formerly Twitter), stating:
“As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school.”
This move is part of Gemini’s ongoing feud with the SEC, which escalated following a series of enforcement actions under Gensler’s leadership.
Gemini’s Legal Battle with the SEC
Gemini has had a contentious history with the SEC, particularly over its Gemini Earn program, which was accused of offering unregistered securities in partnership with the now-bankrupt Genesis Global Capital. In March 2024, Gemini settled SEC charges by paying a $21 million fine.
Gensler, who served as SEC chair under the Biden administration, oversaw some of the most aggressive enforcement actions against crypto firms in the agency’s history. He stepped down on Jan. 20, 2025, following the inauguration of President Donald Trump, and returned to MIT as a professor, focusing on artificial intelligence (AI) in finance, fintech, and regulatory policy.
Crypto Industry Reactions to Gemini’s MIT Boycott
The decision to boycott MIT graduates received mixed reactions from the crypto industry. Some strongly supported Winklevoss’ stance, arguing that MIT’s affiliation with Gensler makes the university complicit in his anti-crypto policies.
Bitcoin advocate Erik Voorhees echoed Winklevoss’ sentiments, saying:
“Every crypto company should boycott MIT grads until Gary is fired.”
This is not the first time the crypto industry has targeted institutions connected to former SEC officials. In December 2024, Coinbase stopped working with the law firm Milbank after it hired former SEC enforcement director Gurbir Grewal. Coinbase CEO Brian Armstrong criticized firms that employ regulators who have actively worked against crypto:
“We will avoid working with law firms that hire people who tried to unlawfully kill the industry while failing to clarify the rules.”
However, not everyone in the industry agreed with Gemini’s hiring freeze.
Axelar Network’s Sergey Gorbunov disagreed with the decision, saying:
“I don’t see a reason to punish students over the crypto industry’s beef with Gensler.”
Similarly, Arkham’s UK legal head, Preston Byrne, commented:
“Not hiring law firms who employ SEC enforcers is one thing. Not hiring MIT graduates seems like overkill.”
Blockchain advocate Jiasun Li, a professor at George Mason University, suggested a different approach:
“A better strategy may have been to boycott any student who enrolls in Gensler’s class.”
Despite the backlash, Winklevoss remains firm in his stance, asserting that any company or university hiring Gensler is betraying the crypto industry. In a Nov. 16 X post, he stated:
“No amount of apology can undo the damage he has done to our industry and our country.”
Why the Crypto Industry Clashes with the SEC
The SEC, under Gensler’s leadership, pursued aggressive legal action against numerous crypto firms, enforcing regulations without providing clear guidelines for the industry. Some of the most high-profile SEC cases included:
- Ripple (XRP): The SEC sued Ripple Labs in 2020, alleging that XRP was sold as an unregistered security.
- Kraken: The exchange settled with the SEC in 2023 for $30 million over staking services.
- Coinbase: Faced legal action for allegedly operating as an unregistered securities exchange.
Crypto executives have long accused the SEC of stifling innovation and pushing the industry offshore with unclear and hostile regulations.
How Bitcoin and the 2024 Halving Fit into the Picture
One of the biggest catalysts for crypto adoption and regulation battles is Bitcoin’s role in the financial system. The 2024 Bitcoin halving, which occurred in April 2024, reduced Bitcoin’s mining rewards from 6.25 BTC to 3.125 BTC per block.
Historically, Bitcoin halvings have triggered major bull runs, attracting increased investment from institutional players, hedge funds, and state governments. The 2024 halving was no exception, with Bitcoin surging past $100,000, intensifying debates about crypto regulations and government oversight.
As Bitcoin continues to gain mainstream and institutional adoption, regulatory agencies like the SEC face mounting pressure to establish clear and fair crypto policies. The SEC’s crackdown under Gensler has only deepened industry resentment, leading to actions like Gemini’s MIT boycott.
The Future of Crypto Regulation in the U.S.
With Gensler no longer at the SEC, the regulatory landscape may shift under the Trump administration. The new SEC leadership could take a more crypto-friendly approach, focusing on clear regulations rather than aggressive enforcement actions.
In the meantime, crypto firms are doubling down on self-regulation, pushing for state-level Bitcoin reserves, and fighting back against what they view as unfair treatment from regulators.
Gemini’s boycott of MIT graduates is a reflection of deeper industry frustration, signaling that crypto companies are willing to take radical steps to push back against what they perceive as regulatory overreach. Whether this strategy will pressure MIT to sever ties with Gensler remains to be seen.
However, one thing is clear: the battle between crypto firms and regulators is far from over. With Bitcoin’s role in global finance growing and the 2024 halving driving renewed institutional interest, the crypto industry is more determined than ever to fight for fair treatment and regulatory clarity.
